Isn’t a Will all I need?
Jack and Jill thought all they needed was wills. However, when Jack developed dementia, they learned that a will isn’t enough.
You need more than a Last Will and Testament to have a complete estate plan.
Your Last Will and Testament does not protect you, your family, your money, or your other property during your lifetime!
Estate planning is about more than giving your stuff away. Estate planning is about protecting you, your healthcare, your money, your property, your family, and your freedom of choice during your lifetime as well.
Your Last Will and Testament describes how you want to give your stuff away. But it does not provide any lifetime protection.
In order to get lifetime protection you need a durable power of attorney, healthcare power of attorney, HIPAA waiver, and a living will at a minimum in addition to your Last Will and Testament?
There is a way to keep control and freedom of choice, even in the case of dementia.
You can provide even more lifetime protection by adding a revocable living trust to your plan. The trust will name somebody to manage the trust assets if you can’t. You can even name a corporate trustee like a bank to manage if you can’t or to make the final distribution.